World Bank Group launches new multi-donor fund in support of SDG implementation

On October 18, World Bank Group launched the Partnership Fund for the Sustainable Development Goals (SDG Fund) in support of global efforts to meet the SDGs. The aim of the multi-donor SDG Fund is to incentivize catalytic activities that strengthen SDG implementation, equipping countries with tools and best practices to achieve their sustainable development objectives ahead of 2030.

“We saw a funding gap for high impact strategic initiatives at the global, regional and national and local levels that could help to catalyze countries development trajectories for the SDGs,” said World Bank Group Senior Vice President Mahmoud Mohieldin. “The SDG Fund will complement the Bank Group’s efforts at the country level and focus on cross-country capacity building, quality data, knowledge generation, and multi-stakeholder partnerships.”

Sweden is the first partner to help launch the SDG Fund with an initial contribution of USD 7 million. The idea of the SDG Fund grew from initial collaborations between Sweden and the World Bank Group on “SDG Financing” and “SDG Trajectories”. Through these initiatives, a shared vision developed between Swedish International Development Cooperation Agency (Sida) and the Bank Group that many more catalytic innovations could be developed through continued collaboration.

“With the 2030 Agenda and the SDGs, countries have committed to a solid and ambitious framework for sustainable development. Both for people today and for future generations,” said Sida Director General Carin Jämtin. “The World Bank Group is a critical partner in our collective efforts to support countries achieve the Goals. We look forward to further strengthening that partnership through the SDG Fund.”

The first 16 SDGs prioritize action on human, economic and environmental pillars as well as peace and security. SDG 17 is the primary focus of the SDG Fund, with its strong commitment to the means of implementation. Goal 17 promises support through global partnerships and cooperation, finance, data, trade, capacity building and peer-to-peer collaboration.

One of the first funding allocations will support a Bank Group activity to develop new methods to enhance the welfare impact of private sector investments.

The SDG Fund will also support the Refugee Investment and Matchmaking Platform, which aims to bring local business, global corporations, foundations, philanthropic investors and the development community together to create opportunities for refugees and host populations.

In response to the need for access to good quality data for the goals, the SDG Fund will support the 2020 Vision for a data-driven exploration of SDG monitoring and implementation. The activity will develop a series of SDG data-driven case studies that help national, regional and global policymakers strengthen awareness of how individual SDGs are being measured, monitored and invested in.

With new partners joining, the SDG Fund is intended to continue to support other innovative activities over the next four years.

Original source: IFC
Published on 18 October 2018